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Search Results 0 to 49 of about 486 (some duplicates have been removed)
in 1986 but are staring us in the face today. first, a much larger and much more dangerous deficit and second, a dramatic increase been income and inequality. old-style tax reform could make both conditions worse. but don't dismiss the old framework lightly. credit for the 1986 reform law belongs to democrats like bill bradley in the senate. just as much as to president reagan. as a member of the house back then, i not only voted for it, but i whipped the votes to make sure it passed. i was on the committee set up by dan rostenkowski to get it done. the approach made a good deal of sense at the time. then, as now, the code was littered with egregious loopholes that needed to be reformed. recall the so-called passive law schools that were in place back then. they allowed wealthy taxpayers to gain the system. someone could invest in a bowling alley and then, if the bowling alley lost money, they could take a write off many times larger than their initial money incestment of their entire income tax liability. we need to get rid of such a gimmicky tax shelter. paring these loopholes al
president four years. you said you would cut the deficit in half. we still have trillion dollar deficits. >> five weeks before the election, he says his big bold idea is, never mind. >> if there is any good news for the president after the debate is that the unemployment rate dropped below 8% from 8.1%, to 7.8%, the lowest since he took office. jonathan martin was on the ground for the debate in denver. you say romney took the debate stage with the top republican verging on panic. did this turnaround for them? >> they are backing away from the edge. there is no question that this was a make or break moment for governor romney. if he had not shown up like he did in denver, you would have seen a really ugly scene here. a lot of folks in his party would have backed away from him. this puts him back in the game, it restores confidence among other people running for the house and senate this year who are now happy to be seen with him. it gives them a real boost when they desperately need it. he still has problems and a lot of swing states. this puts them back in the game, it turns around the
losses, bigger unemployment and bigger deficits and more wars than president obama, was, by the failed policies of george w. bush. which resulted in directly, the greatest job losses since fdr. this is not easy and it is hard work but we are moving forward. >> let's talk about policies. we didn't hear in the hour and 25 minutes of debate anything about the stimulus package. if you look at the policy the trickle-down government policy as the governor described it, they represented below 6% unemployment now, after spending all of that money and had full charge of the first two years and the policies that this president put into place, actually made it worse. including the fact that obamacare is actually... employers, it is causing them not to hire and gas prices doubled and the middle class is buried under this administration and the vice president said it aptly and it is true. >> chris: let's turn to a couple of issues that came up in the debate. obviously the jobs report came out after the debate. both sides said the other candidate is lying about his position and let's start with taxe
that only affect high income individuals to avoid either raising the deficit or burdening the middle class. it's math, it's arithmetic. >> get the rates down, lower deductions and exemptions to create more jobs because there's nothing better for getting us to a balanced budget to have more people working, earning more money and paying taxes and that's by far the most effective and efficient way to get this budget balanced. >> paul: welcome to the journal editorial report. i'm paul gigot. a big night in denver on wednesday, as president barack obama, and mitt romney met for the first presidential debate and the candidates sparred as you heard over taxes and the deficit as well as health care. wall street reform and the role of government. with mitt romney taking some sharp shots at the president's record these past four years. >> we're seeing right now is, in my view, a trickle down government approach which has government thinking it can do a better job than free people pursuing their dreams and that's not working the. proof of that is 23 million people out of work and the proof one out of
president four years, you said you would cut the deficit in half. we still have trillion dollar deficits. >> five weeks before the election, he says his big idea is, never mind. >> if there is any good news for the president, it is that the unemployment rate dropped to 7.8%, from 8.1%, the lowest since he took office. we were on the ground in denver. jonathan, you said that romney took the if there is any good np republican diverging on panic. them? >> they are backing away from the edge. there is no question this was a make or break moment for governor romney. if he had not shown up like he did in denver, you would have seen a really ugly scene here. this puts them back in the game. it restores confidence among other people running for the house and senate this year who are now happy to be seated with him. it gives them a real boost when they desperately need it. he still hasit gives them a reat of swing states. this puts him back in the game, it turns around and narrative. i am curious to see the next wave. if he is closing the gap in these swing states, there will be pressure on presi
it comes to the fact that matter the most the jobs market debt and deficit in his easy to of this gate and we saw lot of at last night with the vice-presidential deba. i want to set the record straight. vice president biden use the word fact 26 times the hard pressed to deliver any. over tax policy bden: the only way to find $5 trillion of loopholes is to cut the mortgage deduction, health care deduction take away the ability to get a tax break to send kids to college. ryan: he is wrong about that. you can preserve the purposes for middle class taxpayers. biden: has never been done before it. ryan: it has been done a couple of times. jack kennedy, ronald reagan. biden: now your jack kennedy? gerri: that was a cheap shot. bided was wronwhen he claimed lower tax rates never had higher revenues. 1920's were slashed from 70% down a 20%. there rose 60%. kennedy cut across the board with the top rate down at 70%. tax revenues jump. ronald reagan proposed sweeping tax rate reduction and the result revenues up 99%. biden: we made sure we cut taxes for the middle-class. gerri: not even close to
bigger unemployment, bigger deficits, more wars than president obama was by the failed policies of george w. bush which resulted in directly the greatest job losses since fdr. h is hot easy. in is hard -- this is not easy. this is hard work. >> we didn't hear in an hour and 20 minutes of debate anything about the stimulus package because if you look at the policy the trickle down government policy as the governor described it, they represented we would be below 6% unemployment now after spending all that money. the policies that this president put into place is actually made it worse including the fact that obama care is causing small employers not to hire because of rising healthcare costs. gas prices have doubled. the middle class is being buried under this administration. the vice president said it aptly and it is true. >> chris: let's turn to a couple of issues that came up during the debate. obviously the jobs report came out after the debeat. both sides saying that the other candidate is lying about h his position and let's start with taxes. governor, the president keeps saying that
to deficit reduction rather than tax breaks for the wealthiest americans. charles schumer was speaking at the national press club in washington about the fiscal cliff, those expiring tax and budget cuts that go into effect in january. this is just under an hour. >> good morning. we're starting right on time today. i want to thank you for coming. i want to take up those of use who are joining us on seemed span. i am a member of the newsmaker committee of the national press club. on behalf of the national press club, we are honored to have charles schumer. the senator will address the topic of tax reform, and i want to say this is an appropriate tax -- topic. time, theus' prevailing idea was that there were dragons just over the horizon. columbus thought he could find a new route, and today we will be exploring new routes to tax reform. the senator will talk for approximately 25 minutes, and and it we will open up the news conference to questions. senator? thank you for that timely introduction. i want to thank the national press club. here is what i said yesterday -- [speaking italian]
believes. but paul ryan is just a terrible deficit for the ticket. the other thing is it is a base senator john mccain by 2 to 1 in the margin in the youth vote in this country. it's crucial for the president to get similar numbers this time around if he's going to win the state of florida. of course, to vote they must be registered and voter registration drives have been underway for months. yeah, i'm looking to save, but i'm not sure which policy is right for me. you should try our coverage checker. it helps you see if you have too much coverage or not enough, making it easier to get what you need. [ beeping ] these are great! [ beeping ] how are you, um, how are you doing? i'm going to keep looking over here. probably a good idea. ken: what's a good idea? nothing. with coverage checker, it's easy to find your perfect policy. visit progressive.com today. that he's the guy who is going to protect medicare when he's, in fact, going to turn it into voucher care. senior citizens, especially in states like florida, senate race in north dakota, montana, nevada, and arizona, believe it or not a
the official u.s. deficit this year. it is a doozy. you think your credit card bill is high? we're crunching those numbers. >>> a company will let you turn the outside of your home to a large billboard. people are scrambling to get in line. the guy behind this idea is here to explain. even when they are not, it's always about money. melissa: first, let's take a look at the day's market headlines. stocks closed out the week moving between positive and negative territory. u.s. consumer sentiment hit its highest level in five years but worries over bank profits and potential bailout for spain helped put a damper on investor optimism. the dow squeaked out two teeny, tiny points. advaed micro devices with the biggest loser on the s&p 500. the semiconductor maker cut its third quarter outlook, primarily blaming slowing global demand on weakening global economy. >>> business software company public debut isthe biggest ipo since facebook. that was back in may. >>> to our top story tonight i don't know about you but i envision peace and olive branches when i picture the european union. look at the pi
or explode the deficit. > deficit. >> reporter: what you're saying it it is unrealistic-- >> i'm saying it's impossible, not unrealistic. >> when president obama said in 2008 i'm going to cut the deficit in half, i'm going to close guilt me, people-- gitmo, people said-- did not sigh he was not telling the truth. >> closing gitmo involved congress and he couldn't get them to do that. the math, people over $200,000, and you still have a trillions of dollars hole, and he hasn't named the deductions he would close. this is a shell game, john. whichever shell you pick up, the middle class loses. the economy will lose, and i think that this is going to catch up with him. >> schieffer: what did the president think of his performance? >> i think the president understands-- you know, the president is his harshest critic, and without getting into detail, i think you can assume he has reviewed the tape and it will inform how he handles these subsequent debates. >> schieffer: do you think he was ill prepared. some are saying it was the people who prepared him. you were in the room. >> i was one of th
deficit. but it is much healthier for america's economy, much better for the real purchasing power of american consumers, much better for having businesses engage in the business of the future rather than the business of the past, for us to move more balanced trade by increasing exports rather than reducing imports. some of that has to do with the negotiation and enforcement of trade agreements. more of it has to do with choices that we make. especially choices that we make in sectors that one doesn't always think of. there is fast scope, increased tourism in to the united states. if you think about it, tourism is a sector that provides vast opportunities and jobs with those with relatively little skill. not so long ago i had the opportunity to spend some time talking to the ceo of a major hotel chain who noted that of his senior management team, have had not gone to college and many had started working behind the desk in a hotel. our tourism industry which we don't think of as an industry that develops when we are more competitive. similarly close to my heart given where i spent m
toomey how the deficit is going to play a role in the depate. he was a member of the super committee. plus memorable moments from past vice presidential debates like this one from 1988. >> senator, i served with jack kennedy, i knew jack kennedy. jack kennedy was a friend of mine. senator, you're no jack kennedy. hey. hey eddie. i brought your stuff. you don't have to do this. yes i do. i want you to keep this. it'd be weird. take care. you too. [ sighs ] so how did it go? he's upset. [ male announcer ] spend less time at gas stations with best in class fuel economy. it's our most innovative altima ever. ♪ try this... bayer? this isn't just a headache. trust me, this is new bayer migraine. [ male announcer ] it's the power of aspirin plus more in a triple action formula to relieve your tough migraines. new bayer migraine formula. [ male announcer ] why do more emergency workers everywhere trust duracell...?? duralock power preserve. locks in power for up to 10 years in storage. now...guaranteed. duracell with duralock. trusted everywhere. extra curricular activities help provide a
pearson with breaking news on the deficit. hampton. all right. we're going get to hampton in a second. >> we'll wait on that breaking news. >> yes, exactly. >> in the meantime, less than an hour to ago, this trading day, is the dow going to go lower for the fifth session in a row? a five-day losing streak may not be a huge red flag for some people, but pension partners says u.s. markets are behaving in a way that suggests either a correction or something more severe may be on the way. >> in today's "closing bell" exchange, we have pension partners and our own rick santelli. michael, the signals that the markets are sending, boy, it's been going on -- hold on, folks. let's go to hampton pearson with breaking news on the deficit. >> michelle, from the treasury department and the omb, the final results on the 2012 deficit, and here are the highlights. the fy-2012 deficit was $1.89 trillion, $207 billion less than the 2011 deficit. the 2012 deficit came in lower than previously forecasted as the treasury department and omb. $121 billion less than forecasted at the mid session review. as a
a lot more. we'll talk to douglas holtz-eakin on the budget deficit. he will give us some insight and analysis how it all works into the election next hour. friday trading session still underway. we'll see you in the next hour. keep it here on fox business. [ le announcer ] eligible for medicare? that's a good thing, but it doesn't cover everything. only about 80% of your part b medical expenses. the rest is up to you. so consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement plans, they pick up some of what medicare doesn't pay. and save you up to thousands of llars in out-of-pocket costs. call today to request a free decision guide to help you better understand what medicare is all about. and which aarp medicare supplement plan works best for you. with these types of plans, you'll be able to visit any doctor or hospital that accepts medicare patients... plus, there are no networks, and you'll never need a referral to see a specialist. there's a range of plans to choose from, too. and they all
into record deficits under george bush is because we put two wars and two tax cuts on a credit card. and now governor romney wants another $5 trillion in tax cuts that he can't pay for? not if i have anything to say about it. that's not going to happen. [applause] we are not going to let this country fall backward. not now. not with so much at stake. we've got to move forward. we need to invest in small business and manufacturers who create jobs here in the united states. we need to recruit 100,000 math and science teachers, train two million workers at community college, bring down the cost of college tuition. we need to -- [cheers and applause] we need to cut our oil imports in half. create thousands more jobs in clean energy. we need to use the savings from ending the wars in iraq and afghanistan to help pay down our deficit and put people back to work doing some nation building right here at home. that's the agenda we need. that's how you strengthen the middle class. that's how you keep moving forward. that's the choice in this election. and that's why i'm running for a second term. that
, the problem of running deficits and accumulating greater debt, that the country had a budget deficit, a trade deficit, a balance of payments deficit, and the fourth one you brought up was a leadership deficit. >> leadership is the greatest. >> can i ask you both, describe what is the problem with what appears to be in your mind a leadership deficit, that we're not getting the leadership on this key issue either from this president or past presidents, this congress or pass congresses/ what does it take to get elected officials to tackle at an issue, increasing their taxes? >> let's start with the families. they will get their attention. the voters have to understand all this, which they did not, and voters need to understand what we have to do to get all this corrected, and they do not. if we ever get that over to the voters, they will vote for the people who are geared up, ready, and know how to do it and are running on that basis, and then we can change this country forever and get us back to where we used to be when i was a boy in the depression. why schoolteachers and would have been docto
for that revenue, and if you don't close $4.8 trillion in those loopholes, two things happen, either the deficit goes up, or more likely is the middle class is going to see their taxes go up. >> but he's saying, as you know, robert, he's stating unequivocally that he will not push the tax cuts if they increase the deficit and that he will not push them if they force back increases on the middle class. >> well, then he has -- then he's got no economic theory. then he's walked away from 18 months of what the whole campaign has been about. but, george, we've seen this movie before where people say, oh, don't worry. it's all going to get paid for. it's fine. when you ask him what loopholes will you close specifically for wealthy earners to help pay for the $4.8 trillion in reduced revenue, there's no answer. i mean, let's be clear. paul ryan a week ago was asked about the math for this, and paul ryan, said, look, the math takes too long. well, mitt romney's solution is he just decided there wasn't math involved in this problem, and that's absolutely crazy. look, the only thing he outlined that he wo
keeping his $5 trillion tax cut deficit -- new deficit neutral. no cost to the deficit and cutting $5 trillion mainly for the wealthy. let's watch. >> with regards to that tax cut, look, i'm not looking to cut massive taxes and to reduce the revenues going to the government. my number one principle is there will be no tax cut that adds to the deficit. i want to underline that. no tax cut that adds to the deficit. >> paul ryan just days before the debate last week directly contradicted romney. ryan said lowering the tax rates was more important than anything else, including getting rid of those deductions to pay for them supposedly. let's watch. >> what's most important to romney, what would he scale back on the 20% tax cut for the wealthy? would he scale back and say, okay, we're going to have to raise taxes for the middle class? i guess the question is what's most important to him in his tax reform plan -- >> keeping tax rates down. by lowering tax rates, people keep more of the next dollar they earn. >> that's more important -- >> that's more important than anything. >> in other wor
not how we tackle our deficit. >> the pressure now mounting on joe biden with the kentucky clash just over 24 hours away. can he seal the deal or is he facing a mission impossible? even with the a-team linking arms the president's campaign is sticking by its own balance plan and calling reinforcements to gear up. >> i would tell them to take whatever nervous energy they have and whatever hand wringing they will do over the next 24 to 48 hours and put that into a real effort to get this president re-elected. the president can't do it by himself. >> obama has to stand and deliver and nobody can do it for him. >> can the president recover? >> right. >> can he come back and be president on the stage with the contender mitt romney? >> how great is it for barack obama, look at this positively, he's the underdog now. the president of the united states is now the underdog. >> mitt romney will be stump thing hour in battleground ohio with the fiery surrogate chris christie who will be bringing what some on the left call his own jersey shore brand of gtl. go tell lies. meanwhile, romney's
the government deficit topped $1 trillion once again. the treasury says the deficit was roughly 7% of gdp and, larry, the nobel peace prize goes to the eu. the nobel committee gave the prize to the european union acknowledging the 27 blocks advancement and a peace and reconciliation and i know a lot of people think this is ridiculous, but when you think about the history there and the fact that these countries 100 years ago and what they're doing is hard, maybe it's a reminder. >> they should have given them to them 70 years ago and this is the wrong time and i'll talk about that with my pal jimmy pathkuke as. >> my only personal view is it's a ridiculous thing so i've asked cnbc contributor jim pathkukas to come back. at this moment in time with the growth of welfare states and socialism and bankruptcy and bailouts i wouldn't give the european union an award of any kind. what this k this nobel peace prize people be possibly thinking? >> given what you just said and the fact, the eu could still break apart and maybe this is like a parting gift when people are on a game show and given a partin
? unfortunately for the fiscal year, the u.s. deficit totals 1$1.4 trillion. it exceeded the $4 trillion mark. >>> jack kennedy and paul ryan, perfect together? some things about them that are similar. both young, energetic, viant. paul ryan things they have something in common, joe biden not so sure. the republican candidate invoked a camelot era comparison. this time, the issue taxes. >> you can cut tax rates by 20% and preserve important preferences for middle class taxpayers. >> not mathematically possible. >> it's been done before. >> it's never been done before. >> a couple of times. >> nevereen done before. >> ronald reagan. >> now you're jack kennedy. >> ronald reagan. >> twitter was atwitter about that. that comment got a noticeable reaction from the group of undecided voters i watched during the debate last night. see it blown up there in the bottom of the screen. here is the problem, both kennedy and reagan working in a different time and place. to start, when both kennedy and reagan took office, individual tax rates not even in the ballpark of what we have now. kennedy's plan, ena
various loopholes or you've said your tax cuts would be revenue neutral you wouldn't add to the deficit. let's go through how you would do that. specifically home mortgage deductions, charitable mortgage contributions. are you ready to remove those? what's going on? >> well, i've made pretty clear that my prirnls are number one simplify the code. number two, create incentives for small and large businesses to grow. number three, don't reduce the burden on high income taxpayers. and number four, remove the burden somewhat for middle income people. i don't want to raise taxes on any group of americans. those are the principles. at the same time how we carry them out would be lowering the tax rate across the board and making up for that, both with additional growth and with putting a limit on deductions and exemptions, particularly for people at the high end. those are principles which form the bases of what i would do with our tax proposal. what i want to do is to make it simpler, fairer. i want to encourage the economy to grow again. it's pretty clear that the economy is not growing at t
Search Results 0 to 49 of about 486 (some duplicates have been removed)